Factom, a developer of a decentralized system of digital records adaptable to "almost any organization," recently received a grant from the Bill & Melinda Gates Foundation to develop a blockchain platform for safe medical records, announcement that was noticed by the company's blog on Friday 18.
This new project of the company based in Austin, Texas, and the fundation of Microsoft CEO Bill Gates, aims to ensure persistent, available and reliable medical records, a cause considered by both partners as "one of the most urgent needs of the world".
Peter Kirby, CEO of Factom, told how this company-foundation approach came about in an interview. Kirby said that a member of the Gates Foundation approached their offices to ask if Factom solutions could work to solve some of the problems they face, and that was when the questions were asked "how would the blockchain be used to access medical records? What can be done to maintain a record of inputs such as vaccines? "
Fortunately, the uses of distributed accounting are broad and this technology allows the creation of digital solutions to this type of problem, although for Kirby the balancing vision between "security and transparency" must predominate in this new platform. This is because the blockchain technology of this company builds distributed records that can be globally accessed by anyone who pass biometric authorization.
Medical files are fundamental because they improve the possibilities of immediate study of the patient, and in case of extreme care diseases such as those treated by the Gates Foundation (polio, HIV and tuberculosis) it is indispensable to know what are the previous treatments to continue doing it in a correct way. Hence, the blockchain in this context would help not only with monetary gains, but to save lives.
The Foundation led by Bill Gates is dedicated to cooperate in solving health problems in the three continents in which it has a presence. Specifically, they serve and assist patients with pneumonia, polio, tuberculosis and HIV.
For its part, the company that just a couple of months ago managed to raise 4.2 million dollars in an investment round, already has three blockchain products, but it should be noted that none of these is dedicated to the health area. However, Factom has become one of the most named blockchain companies in the financial technology environment, so they will surely succeed in this new foray.